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Kofax remains confident after posting disappointing results

Software company Kofax said it is still confident in its business after disappointing nnau results with total revenues below expectations, causing the stock to tank on Friday.

The group said IFRS software licence revenues are expected to be around $116.5m to $118.5m in the year to June 30th, representing just 4-6% growth on the $112.2m reported the previous year. It had previously expected low double-digit percentage growth in software licence revenues for the year.

Total revenues will be between $287.5m and $290.5m and income from operations will be $33.5m to $35.5m; both are up year-on-year but below guidance.

Chief Executive Officer Reynolds Bish said: "These unexpected shortfalls are primarily attributable to several seven figure software license revenue transactions totalling approximately $6.0m slipping into future quarters during the last few days of our fourth quarter."

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